EU Economic Disparity with US Widespread, Experts Agree

The European Union has been experiencing a growing economic disparity with the United States, according to Mario Draghi's foreword in 'The Future of European Competitiveness' report released in 2024. The former European Central Bank president noted that a significant gap in GDP has opened up between the EU and the US over the past two decades, with real disposable income growing almost twice as much in the US as in the EU since 2000 on a per capita basis.

A poll conducted by the Kent A. Clark Center for Global Markets at Chicago Booth asked European economic experts if Europe is losing ground to the US. While some respondents, such as Christian Leuz and Silvana Tenreyro, agreed that there is relative decline in median income, others like Carol Propper and Botond Kőszegi disagreed.

Lubos Pastor pointed out that Europeans tend to have less personal comfort compared to their American counterparts, citing smaller homes, fewer cars, and more red tape. However, Silvana Tenreyro noted that Europe performs better than the US in terms of health indicators such as life expectancy and violence rates.